Vislink acquires Pebble Beach Systems
High performance wireless communications specialist Vislink has completed the purchase of Pebble Beach Systems for a total consideration of £14.9 million, comprising £12.9 million payable in cash and £2.0 million represented by the issue of 4,700,904 new Vislink ordinary shares at a price of 42.545 pence per share.
Pebble Beach Systems has been purchased with in excess of £5.9 million cash on the balance sheet, resulting in an effective net consideration of £9.0 million.
The cash consideration will be funded out of existing Group resources and a new £10.0 million debt facility (“Facility”). The Facility has a three-year tenor and is split into a £3.0 million amortising term loan and a £7.0 million flexible revolving credit facility. The Facility charges are on normal commercial terms.
Founded in 2000, and employing over 60 staff, Pebble Beach Systems is a leading developer and supplier of automation, ‘channel in a box’ and content management solutions for TV broadcasters, cable and satellite operators. The business is headquartered in Weybridge, Surrey, with offices in the USA, Dubai and Singapore.
The acquisition of Pebble Beach Systems will move Vislink into the provision of software solutions for playout with advanced software technology. The Company’s existing capabilities of offering broadcasters wireless communication systems for the capture of live TV coverage of news, entertainment and sports events will now be complemented with television automation and media management services for broadcast studios. Vislink will now be able to offer broadcasters a complete ‘scene to screen’ solution. Furthermore Pebble Beach Systems will gain from access to significantly increased sales channels through the global network of over 900 broadcasters that Vislink works with as well as its international network of offices.
The Pebble Beach Systems business will continue to operate as a stand-alone unit within the Vislink Group and its founders, who will continue to manage the business, will be staying with the Company and assisting Vislink in expanding its software capability as a Group.
Commenting on the acquisition, John Hawkins, Vislink’s executive chairman, states: “Pebble Beach Systems is a perfect fit given our focus on product leadership and it will enable us to offer our global broadcasting clients a complete scene-to-screen solution. Additionally, the acquisition fits perfectly into our long term strategy of acquiring software and services capability that we hope to drive recurring revenues for the Group.”